NAR recently released a summary of existing home sales data showing that April’s existing home sales increased for the first time this year. April figures showed an increase in sales of 1.3% from last month but a 6.8% decline from a year ago.
The national median existing-home price for all housing types was $201,700 in April, up 5.2% percent from April 2013. April marks the slowest price growth since March 2012.
All regions showed growth in prices except the Northeast, which experienced a small decline of 0.4%. The West maintained the biggest gain at 9.7% from a year ago.
April’s inventory figures increased by 6.5% from a year ago, and it will take 5.9 months to move the current level of inventory. From the lower levels experienced recently, more inventory could translate into more sales as buyers are able to find a home that meets their criteria.
Despite sales being up this month, April still marks the 6th consecutive month of year-over-year declines. Affordability has been a challenge in most regions, so price easing will be healthy for the housing market.
See the full NAR Existing Home Sales press release here and data tables here.